Eco Wave Power, EDF Set Up Israel Joint Venture
Eco Wave Power (EWP) has incorporated a joint venture company with EDF Renewables in Israel.
The joint venture – EWP EDF One – will see both companies collaborate, on an exclusive basis, in the development, financing, engineering, procurement, construction and operation of a 100KW pilot project, using the Eco Wave Power’s technology, to assess further possible collaborations in the wave energy field.
In such collaboration, EDF Renewables contribution to the project will be the support in the licensing and permitting process towards local authorities and its know-how, by making available some of its employees, its network of subcontractors and its supply chain in order to support the pilot project during industrialization phase, for its design, purchasing, and installation of equipment, commissioning, maintenance and repairs, data monitoring, and intermediary and final results analysis. In addition, EDF Renewables in Israel will fund 50% of the pilot project.
EWP will provide all relevant information, data, know-how from existing demonstrators, as well as license of the technology, including devices needed for the operation of the project, as well as maintenance and spare parts needed for the proper operation of said devices. EWP is also responsible for 50% of all project’s costs.
The project will be EWP’s second grid connected project after the launch of its Gibraltar project in 2016.